Backhouse and Boianovsky on "disequilibrium theory". A review article of transforming modern macroeconomics. Exploring disequilibrium microfoundations, 1956-2003

Michel De Vroey

The European Journal of the History of Economic Thought, 2014, vol. 21, issue 4, 724-742

Abstract: This article is an in-depth analysis of Backhouse and Boianovsky's book, Transforming Modern Macroeconomics: Exploring Disequilibrium Microfoundations, 1956-2003 . I start with questioning Backhouse and Boianovsky's too broad understanding of the disequilibrium approach. Thereby they bring together theories that should be kept separate, those by Patinkin, Clower and Leijonhuvud on the one hand, and those by Barro and Grossman, Drèze and Benassy, on the other. I also substantiate my disagreement with their claim that an inner link exists between fixed price equilibrium theories and imperfect competition modelling. Finally, I put forward a few conjectures about the reason why fixed price modelling petered out.

Date: 2014
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DOI: 10.1080/09672567.2014.916733

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